1921 Morgan Dollar

The 1921 Morgan dollar marks the last year of the Morgan dollar design before it was replaced later that same year by the new Peace dollar. After a 16-year hiatus in dollar coinage (1904-1920), 1921 saw an enormous one-year revival of Morgan dollar production to meet obligations created by the Pittman Act of 1918.

Because of the huge quantities struck in 1921 at Philadelphia, Denver, and San Francisco, this date is generally common and affordable, making it a popular choice for collectors wanting an original Morgan dollar without pursuing scarcer dates.

The Pittman Act of 1918 authorized the melting of a large quantity of silver dollars, mostly Morgan dollars, to support wartime silver needs and be recoined later using newly purchased silver. That recoinage obligation led the Mint to resume dollar production in 1921, using the existing Morgan design one final time before George T. Morgan's design was retired in favor of Anthony de Francisci's new Peace dollar later in the year.

1921 Morgan dollars were struck at Philadelphia (no mint mark), Denver (D), and San Francisco (S), each in very large quantities, reflecting the scale of the recoinage effort. Design quality in 1921 is often considered slightly inferior to earlier Morgan dollars due to reworked, shallower dies used to speed up production.

The obverse shows Liberty's head facing left, wearing a cap and wreath of wheat and cotton, with "LIBERTY" above and stars and the date around. The reverse depicts an eagle with wings outstretched, holding arrows and an olive branch, encircled by "UNITED STATES OF AMERICA" and "ONE DOLLAR," with "E PLURIBUS UNUM" above the eagle.

The coin is struck in 90% silver, 10% copper, measures 38.1 mm, and has a reeded edge. Mint marks (D for Denver, S for San Francisco; none for Philadelphia) appear on the reverse below the wreath, above "ONE DOLLAR."

1921 Morgan dollars are distinguished from other Morgan dates mainly by their characteristically weaker, flatter strikes on Liberty's hair and the eagle's breast, a byproduct of the reworked dies used that year; they are also the final Morgan dollar year, easily set apart from the new Peace dollar design introduced later in 1921.

1921 Morgan dollars are among the most common and affordable dates in the entire series due to their enormous mintages, typically trading close to silver melt value in circulated grades. Even choice uncirculated examples of this date are widely available and inexpensive relative to earlier, scarcer Morgan dollar dates.

The main exceptions are certain exceptional gem-quality examples, which can bring modest premiums, but overall this date is prized more for accessibility and history (as the final Morgan dollar year) than for rarity.